Latest news with #ShariaCompliance
Zawya
2 days ago
- Business
- Zawya
Nayla Finance secures Sharia Certification for Micro-Financing platform
Saudi-based Nayla Finance has announced that its micro-financing solutions platform has received Sharia certification from the Shariyah Review Bureau (SRB), a leading Sharia advisory firm licensed by the Central Bank of Bahrain. This marks a key milestone in Nayla's mission to empower small and medium-sized enterprises (SMEs) in the Kingdom by offering ethical and Sharia-compliant financial services. Saudi Arabia's SME sector plays a pivotal role in economic growth, contributing approximately 30% to GDP and targeted to reach 35% under Vision 2030. Yet, many small businesses still face financing barriers. 'Access to financing continues to be a major challenge for SMEs,' said Khalid Naili, Co-founder and Chief Risk Officer at Nayla Finance. 'Our platform was designed to bridge this gap by offering simple, fast, and Sharia-compliant micro-financing options to help small businesses grow. Receiving SRB's Sharia certification reaffirms our commitment to enabling inclusive and ethical financial solutions.' Speaking on the need for Sharia assurance, Mr. Naili added: 'In a region where Islamic finance is deeply rooted, ensuring our services meet Sharia principles was non-negotiable. We selected Shariyah Review Bureau for their proven track record in guiding firms across financial sectors in aligning their products with Sharia standards. Their team's insights and structured review process have helped us build a strong compliance foundation.' Shariyah Review Bureau is one of the leading providers of Sharia advisory and audit services in the region. With over 20 years of experience and clients spanning 20+ countries, SRB supports financial institutions, investment firms, and fintech platforms in managing Sharia compliance. The firm is regulated by the Central Bank of Bahrain and has a global network of 40 scholars across 19 countries. In Saudi Arabia alone, SRB oversees the Sharia compliance of nearly 30% of cooperative insurance firms listed on Tadawul. 'We're pleased to be supporting Nayla Finance as they serve a critical segment of the Saudi economy,' said Yasser S. Dahlawi, Founder and CEO of SRB. 'The rise of fintechs and micro-financing platforms focused on SMEs reflects the region's growing need for Sharia-compliant, accessible finance. At SRB, we are committed to ensuring such platforms adhere to rigorous Sharia principles while scaling ethical financing in the market.' For more information on Nayla Finance, you can address khalid@ For all Shari'a Advisory related queries, you can contact hashim@
Trade Arabia
6 days ago
- Business
- Trade Arabia
ENBD REIT net asset value rises 12.3% Y-o-Y
ENBD REIT, the Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value (NAV) stood at $218.6 million or $0.87 per share, compared to $216 million for the previous quarter and $195 million the previous year, a respective 1.4% quarter-on-quarter (Q-o-Q) and 12.3% year-on-year (Y-o-Y) increase. The value of ENBD REIT's property portfolio grew to $395 million, up 0.4% Q-o-Q and 6.9% Y-o-Y, supported by proactive asset management and an agile leasing strategy across the portfolio. Occupancy was maintained at 95%, the highest level recorded by the REIT, up from 93% the previous year, reinforcing the strength of the leasing strategy and market demand for high-quality spaces. Strong performance was led by the office segment, with rental growth in line with market trends. On the residential side, near full occupancy was maintained, supported by ongoing lease optimization following agreements made in the immediate post-pandemic period. Funds From Operations (FFO), which supports dividend distributions and excludes non-cash valuation movements, increased to $11.2 million from $7.8 million a year earlier, a 45% Y-o-Y increase. Gross income rose to $37.5 million from $34.6 million in the prior year, while net income, including non-cash valuation gains, increased significantly to $33.7 million, up 61% Y-o-Y. This strong performance was driven by process efficiencies, resilient tenant demand, successful lease renewals, and strategic enhancements across the portfolio. Operating expenses rose moderately by 3% Y-o-Y to $7 million, largely due to higher utilities and maintenance costs associated with increased occupancy. Fund expenses increased by 8%, in line with NAV-linked management fees. Finance costs declined by 8.1% Y-o-Y to $13.2 million, further supporting overall earnings growth. Samir Kazi, Head of Real Estate at Emirates NBD Asset Management, commented: 'We are delighted with this year's results. The improvement in FFO, dividends and NAV, portrays the effectiveness of our strategic and asset management initiatives, supported by a favourable market environment. "Tangible results have been realized, and our focus remains on delivering consistent, risk-adjusted returns to shareholders through proactive portfolio management and operational efficiency. As market conditions continue to evolve, we are well positioned to sustain this momentum and drive further value creation.' ENBD REIT continues to focus on maintaining high occupancy levels, strengthening asset performance, and improving operational efficiency, all while leveraging favourable market conditions to deliver sustainable long-term value to shareholders.
Al Bawaba
27-05-2025
- Business
- Al Bawaba
Binghatti and ADIB to bring Sharia-compliant Home Finance solutions to the UAE real estate market
Dubai's leading developer, Binghatti Holding Ltd. ('Binghatti), announced today that it has signed a Memorandum of Understanding ('MoU') with Abu Dhabi Islamic Bank ('ADIB'), a leading financial institution in the UAE, to broaden and deepen Binghatti's customer base by offering customers Sharia-compliant home-financing solutions, including off-plan property MoU allows the two parties to detail an agreement that will make it easier for homeowners to secure home financing solutions once construction of a project reaches 35% on the MoU, Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti, said: 'This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing.'Commenting on the MoU, Mohamed Abdelbary, Group Chief Executive Officer at ADIB, said: 'ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion.'Binghatti currently has 18,600 units under development across 23 projects in prime residential areas across the City, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. Binghatti was proud to launch its latest 1,600-unit project, Binghatti Aquarise, in early May at a star-studded event at the Coca-Cola Arena with nearly 12,000 people in attendance. Binghatti has a strong record of on-time unit delivery supported by its in-house vertically integrated business model, comprising design, build and materials sourcing. In 2024, Binghatti saw sales of AED 11.6 billion, a 161% year-on-year increase, driven by 16 successful project launches and the timely delivery of 3,700 units. Collaborations with renowned global luxury brands like Mercedes-Benz, Bugatti, and Jacob & Co., as well as prestigious clientele including football star Neymar Junior and renowned musician Andrea Bocelli, further elevated the company's market position. Binghatti's recent strategic acquisition of over 13 million sqft of prime land, with a development value exceeding AED 26 billion, underscores its ambitious future growth plans.
Zawya
27-05-2025
- Business
- Zawya
Binghatti and ADIB to bring Sharia-compliant home finance solutions to the UAE real estate market
Dubai, UAE – Dubai's leading developer, Binghatti Holding Ltd. ('Binghatti), announced today that it has signed a Memorandum of Understanding ('MoU') with Abu Dhabi Islamic Bank ('ADIB'), a leading financial institution in the UAE, to broaden and deepen Binghatti's customer base by offering customers Sharia-compliant home-financing solutions, including off-plan property purchases. The MoU allows the two parties to detail an agreement that will make it easier for homeowners to secure home financing solutions once construction of a project reaches 35% completion. Commenting on the MoU, Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti, said: 'This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing.' Commenting on the MoU, Mohamed Abdelbary, Group Chief Executive Officer at ADIB, said: 'ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion.' Binghatti currently has 18,600 units under development across 23 projects in prime residential areas across the City, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. Binghatti was proud to launch its latest 1,600-unit project, Binghatti Aquarise, in early May at a star-studded event at the Coca-Cola Arena with nearly 12,000 people in attendance. Binghatti has a strong record of on-time unit delivery supported by its in-house vertically integrated business model, comprising design, build and materials sourcing. In 2024, Binghatti saw sales of AED 11.6 billion, a 161% year-on-year increase, driven by 16 successful project launches and the timely delivery of 3,700 units. Collaborations with renowned global luxury brands like Mercedes-Benz, Bugatti, and Jacob & Co., as well as prestigious clientele including football star Neymar Junior and renowned musician Andrea Bocelli, further elevated the company's market position. Binghatti's recent strategic acquisition of over 13 million sqft of prime land, with a development value exceeding AED 26 billion, underscores its ambitious future growth plans. For more information, please contact: Mahmoud Kassem Brunswick mkassem@ Lamia Khaled Hariz Head of Public Affairs ADIB Simon Hailes Director of Financial Communications Edelman About Binghatti Holding Ltd.: Binghatti Holding Ltd. is a renowned Emirati brand in the real estate development sector, holding a leading position with a portfolio exceeding 80 projects valued at over AED45 billion. Binghatti Holding is led by Chairman Muhammad BinGhatti, whose innovative vision aims to deliver luxurious projects that reflect refined artistic taste and high standards in design and quality. Binghatti Holding has successfully delivered over 11,000 residential units in the past 16 months, achieving remarkable milestones in collaboration with global brands such as Bugatti, Mercedes-Benz, and Jacob & Co. Binghatti Holding continues to expand its real estate portfolio to meet the growing market demands, focusing on delivering residential projects that elevate the level of luxury in Dubai. About ADIB: ADIB is a leading bank in the UAE with AED 244 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX). ADIB has a strong presence in five strategic markets: Egypt, where it has 72 branches, the United Kingdom, Qatar, and Iraq. Named World's Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
Tuum expands Islamic banking suite with new cloud-native modules
Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East. This follows last year's announcement of Tuum's foundational Islamic Banking capabilities. The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations. Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility. Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance. 'As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation,' said Miljan Stamenkovic, VP Sales at Tuum. 'Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan—as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows. Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise. Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements. Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap.
